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The Trade Policy Review Mechanism (TPRM) was an early result of the Uruguay Round.
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It is the main transparency instrument of the WTO, affording opportunities for a process of collective evaluation of the trade policies and practices of individual members.
Objectives:
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Facilitating the smooth functioning of the multilateral trading system by enhancing the transparency of Members’ trade policies.
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To examine the impact of a Member’s trade policies and practices on the multilateral trading system.
Mechanism:
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The reviews take place in the Trade Policy Review Body which is actually the WTO General Council — comprising the WTO’s full membership — operating under special rules and procedures.
Function:
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The trade policy review allows members to put the overall trade and economic policies of a country under the scanner.
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The trade policies of developing countries are taken up for review every four years while developed ones face similar scrutiny every two years.
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The mandate of the TPRM was broadened to cover services trade and intellectual property.
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All WTO Members are subject to review under the TPRM.